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Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

Go First is not the first airline to fly into turbulent times in India

<ul><li>Vijay Mallya lost his plea against the extradition order to India in the London High Court.</li><li>The High Court’s order states that there is a prima facie case against Mallya, coinciding with the allegations made by Indian agencies.</li><li>A consortium of banks led by the State Bank of India have been trying to recover over ₹9,000 crore of unpaid loans from Mallya.</li></ul>Beleaguered liquor tycoon Vijay Mallya today lost an appeal against the extradition order to India by a London High Court. In February 2019, Mallya had appealed against a 2018 decision that allowed him to be brought back to India. He left India in a huff in 2016, after loans taken by the now-defunct Kingfisher Airlines, mounted. A consortium of banks led by the State Bank of India are trying to recover over ₹9,000 crore of unpaid loans from Mallya. Mallya declared financial fugitive in 2016 Vijay Mallya who was formerly known as liquor baron, is wanted in India on charges of financial fraud and money laundering. He was declared a financial fugitive in March 2016. Ever since, India has been trying to bring him to justice and back to the country. The UK too allowed his extradition in 2018, an order which Mallya has been challenging. Justice Stephen Irwin and Justice Elisabeth Laing at the Royal Courts of Justice in London dismissed his appeal of their judgment that was handed down remotely, due to the ongoing coronavirus lockdown. "We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled. As per UK law, it will allow extradition only if a crime a country wants people for, is a crime as per its laws. Since financial crime is considered illegal in the UK, it paved the way to bring Mallya back to India. Mallya denies wrongdoings, offer to repay the loans Over the past few months, Mallya has denied any wrongdoing and offered to repay the loans. "I have made repeated offers to pay 100 percent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis." Mallya said in a <a href="https://twitter.com/TheVijayMallya/status/1244781731410042880">Tweet</a> on March 31. See also: <a href="https://www.businessinsider.in/business/news/coronavirus-mallya-asks-fm-to-consider-his-offer-to-repay-kingfisher-airlines-dues/articleshow/74905681.cms">Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times</a> <a href="https://www.businessinsider.in/business/corporates/news/mallyas-kingfisher-house-to-go-under-the-hammer-again/articleshow/72142175.cms">Mallya's Kingfisher House goes under the hammer again- for the eighth time in 3 years</a> <a href="https://www.businessinsider.in/india/news/court-greenlights-the-sale-of-vijay-mallyas-assets-in-india/articleshow/73064097.cms">Court greenlights the sale of Vijay Mallya's assets in India</a>

Vijay Mallya loses appeal against extradition to India in UK High Court

The Supreme Court on Monday asked the Centre to file status report on extradition of fugitive businessman Vijay Mallya within six weeks. <keyword id="6954728" type="UNKNOWN" weightage="20" keywordseo="Solicitor-General-Tushar-Mehta">Solicitor General Tushar Mehta</keyword>, representing the Centre, submitted before a bench headed by Justice U.U. Lalit that some legal proceedings are still pending in the UK, which is delaying Mallya's extradition. The top court after a brief hearing in the matter adjourned the case to the third week of January. Justice Lalit noted that the order dated August 31, cites MEA report that certain legal proceedings by contemnor (Mallya) is pending in the UK. The top court had asked the counsel for Mallya to respond on the nature of these proceedings. The bench noted that an intervention application has been filed by E.C. Agrawala, counsel for Mallya seeks discharge from the case. Justice Lalit said this application seeking discharge is rejected and Agrawala shall continue to be the counsel for the contemnor. Justice Lalit queried Mehta, "When will the Mallya's extradition process will be completed? Any time time frame?" Mehta replied that no information from Indian High Commission in London yet. On October 6, the Ministry of Home Affairs (MHA) has told the Supreme Court that the UK Home Office has intimated, there is a further legal issue which needs to be resolved before Vijay Mallya's extradition takes place and this issue is outside and apart from the extradition process having effect under the UK law. The affidavit had said that Vijay Mallya's surrender to India should, in principle, have been completed within 28 days after he lost the appeal against extradition. However, the UK Home Office intimated that there is further legal issue which needs to be resolved before Mallya's extradition takes place. "The UK side further said that this issue is outside and apart from the extradition process, but it has the effect that under the UK law, extradition cannot take place until it is resolved," said the affidavit. The MHA said the UK has informed it that this separate legal issue is judicial and confidential in nature. On May 14, in a major setback Mallya lost his application seeking leave to appeal in the UK Supreme Court, after <keyword id="9625522" type="COMPANY" weightage="20" keywordseo="the-london-high-court">the London High Court</keyword> declined to entertain his appeal challenging the extradition order to India on charges of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> in connection with unrecovered loans to his now-defunct Kingfisher Airlines. "The UK side emphasized that neither they can provide any more details nor intervene in the process. They have also indicated that through the designated channel, the UK Home Office has received a request to serve summons on Vijay Mallya for his hearing before the Supreme Court (India)," said the MHA. The UK side said it has informed the Indian High Commission that the issue is confidential and cannot be disclosed. The British Home Office also forwarded the Supreme Court order through Hertfordshire Police on September 17, for serving it to Mallya. "It is also submitted that during the course of processing of request of service of notice upon Vijay Mallya, an interim report from the UK authorities has been received through <keyword id="9255042" type="COMPANY" weightage="20" keywordseo="the-high-commission-of-india">the High Commission of India</keyword>, London," the affidavit said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/hero-motocorp-shares-gain-after-it-logs-highest-ever-sales-in-october/articleshow/78992126.cms">Hero Motocorp shares gain after it logs ‘highest-ever’ sales in October</a> <a href="https://www.businessinsider.in/business/news/former-hdfc-bank-ceo-aditya-puri-joins-carlyle-group-as-senior-advisor/articleshow/78991270.cms">Former HDFC Bank CEO Aditya Puri joins Carlyle Group — will advise the global investment firm on Asia bets</a>

Supreme Court seeks status report on Mallya's extradition within 6 weeks

<ul><li>The UK Court will rule out its decision next week for Mallya’s extradition to India. </li><li>In 2019, Mallya offered to pay back all the money and salaries that he owes. </li><li>Indian authorities want Mallya back in India for $1.4 billion money laundering charges. </li></ul>New Delhi is putting all its efforts to put Mallya behind the Indian bars. A judgement on Mallya’s appeal against extradition is expected next week. The Crown Prosecution Service accused Mallya of submitting “absolute and outrageous lies” about projections of profitability and loss while applying for loans from IDBI and SBI banks in 2009 that ballooned into Rs 9,000 crore loan which he could never repay. The businessman has been declared a financial fugitive by the Indian government after he fled the country as loans mounted in 2016. He is now being tried for fraud and money laundering charges worth ₹9,000 crore($1.4bn). <div type="image" title="Indian businessman Vijay Mallya leaves the Royal Courts of Justice in London" msid="74122329" hostid="261" caption="&amp;lt;p&amp;gt;Indian businessman Vijay Mallya leaves the Royal Courts of Justice in London, Britain February 11, 2020. REUTERS/Simon Dawson&amp;lt;/p&amp;gt;"></div>

 The former founder of the defunct airline Kingfisher was on bail since his arrest on an extradition warrant in April 2017. He however had to pay up a bail bond worth 650,000 pounds with travel. He had sought permission from London? High Court to appeal against the extradition order. He has multiple cases against him, his assets in India has been sealed but bringing him to India has been taking longer. As per UK laws, to extradite a criminal, the offence he has committed should also be an offence in Britain. Fortunately, financial fraud is an offence in the country. Mallya’s counsel Clare Montgomery challenged Emma Arbuthnot of Westminster Magistrate Court’s decision on extradition order passed in December 2018, claiming it had “multiple errors” and was “plain wrong” to accept Indian government claims of fraudulent intentions. In July 2019 Mallya told the media outside in the court that he is “vindicated” by the ruling. He later offered the PNB bank that he owes money to, and the Indian authorities to pay back all the money. He tweeted in July 2019 “I once again repeat my offer to pay back the Banks that lent money to <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> in full. Please take the money. With the balance, I also want to pay employees and other creditors and move on in life.” <div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="18947" retweetcount="3332" status="Despite the good Court result for me today, I once again repeat my offer to pay back the Banks that lent money to K… https://t.co/AZW9uJ28yt" createdat="1562086081000" id="1146098209036603398"></div>
 Mallya’s whose interests have ranged from aviation to liquor had a net worth of $750M in 2013, according to <a href="https://www.forbes.com/profile/vijay-mallya/#2a30a31f78e4">Forbes</a>. The decision of the High Court this week will mark one of the final stages of the appeals process against Mallya’s extradition to India. He can still challenge the decision in the European Courts. As in the case of match-fixing scandal Sanjeev Chawla –he challenged the decision in European Courts of Human Rights based in Strasbourg, France. However, his plea was dismissed, and his extradition to India is expected after the paperwork is done.

Vijay Mallya's homecoming judgement might come next week

A day after the <keyword id="842870" type="ORGANIZATION" weightage="20" keywordseo="UK-high-court">UK High Court</keyword> in London rejected embattled businessman <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s appeal against extradition, the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword>) on Tuesday said that it was hopeful of getting the custody of the former Kingfisher Airlines chairman once he is extradited to India. A senior ED official linked to the probe told IANS, "<keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword>'s appeal was rejected by the UK High court yesterday and now he has the option to appeal to the Supreme Court there." The official said that the system in the UK is a bit different, as Mallya needs to reach the top court there via the High Court again, citing the reason why he needs to move the Supreme Court. The official said that Mallya needs to convince the High Court why there is a need to approach the Supreme Court. "And if the High Court is satisfied then only his matter will be heard in the Supreme Court in UK," he said. The ED official's remarks came a day after Mallya lost his appeal in a UK court against an extradition order to India on charges of fraud and money laundering to the tune of Rs 9,000 crore. When asked if a team of ED officials will be leaving for London soon for the extradition of the businessman, the official said, "We are watching the developments. If the Supreme Court takes up his matter then we will wait for the court orders." The ED has attached several properties of Mallya in the last few years under sections of the Prevention of Money Laundering Act. The High Court in London upheld a 2018 ruling to send him back to India on the grounds that Mallya made a number of misrepresentations leading to the 2012 collapse of his company, Kingfisher Airlines. The former liquor tycoon and chairman of the now defunct Kingfisher Airlines had appealed to the High Court against his extradition to India at a hearing in February this year. Lord Justice Stephen Irwin and Justice Elisabeth Laing at the Royal Courts of Justice in London dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown. "We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled on Monday. Mallya is wanted in India for allegedly defrauding banks and on money laundering charges amounting to an estimated Rs 9,000 crore. He is being investigated by the CBI and the Enforcement Directorate in connection with the loan fraud case. The CBI described the UK court rejecting Mallya's appeal as a "significant achievement" in the war against economic fugitives who have been managing to stay away from the judicial process. A CBI Spokesperson said, "It is a significant achievement in continuing a war against economic fugitives, who have been managing to stay away from the judicial process jn the country." He said, "It also validates the painstaking investigation done by the CBI." The CBI said that the judgement of the UK High Court is a significant achievement in the context of the CBI's efforts to curb corruption and is a reminder that fugitives, who have eluded the process of law after large scale frauds, cannot consider themselves above the process merely because they have changed jurisdictions. Mallya was arrested by the UK authorities on April 20, 2017 on the request of the Indian investigative agencies.

ED hopeful of getting custody of Vijay Mallya soon

In a judgement which may have implications for the case against fugitive tycoon Vijay Mallya, <keyword id="9337482" type="COMPANY" weightage="20" keywordseo="the-uk-high-court">the UK High Court</keyword> has ruled in favour of the Punjab National Bank's international subsidiary in a $22 million loan recovery case. The judgement may set a precedent in the debt recovery case in the UK against Mallya by a consortium of Indian banks. Many Indian businessman have questioned the rationale of the UK courts to try them in loan recovery cases, by citing the notices were issued in India. The case was brought against high-profile Indian businessman Pradeep Agrawal, Chairman of Superior Drinks Pvt Ltd, which manufactures Coca-Cola drinks in India, and <keyword id="9667417" type="COMPANY" weightage="20" keywordseo="superior-industries-ltd">Superior Industries Ltd</keyword> (SIL), which manufactures packaging materials, and others. The court rejected applications by two of the defendants, challenging the jurisdiction of the English court to hear PNB's claims, which concern the non-payment of a series of loans and associated guarantees relating to the purchase and operation of a cruise liner, <keyword id="9667416" type="COMPANY" weightage="20" keywordseo="the-mv-delphin">the MV Delphin</keyword>. After the borrowers defaulted on their loans, the bank began proceedings and served them notices in India. The defendants accepted that they took guarantees but challenged the jurisdiction of the English court to hear the bank's claim and also raised issues about notices served in India. After a two-day hearing, Justice Sara Cockerill rejected all of the defendants' arguments and ordered them to make an interim payment towards the bank's costs of 70,000 pounds (approx $91,000). The judgment may set a precedent for cases by Indian banks in the UK against promoters or guarantors, particularly the judge's dismissal of the argument that the guarantees were invalid because of a lack of regulatory approval by <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">the Reserve Bank of India</keyword>. Paul Gair, partner at TLT, said: "This is a significant victory for PNBIL as it means it can now pursue its enforcement action against the defendants in the English courts. It is also a landmark decision for similar cases, as the defendants' arguments are commonly raised by Indian-based guarantors." "It follows a series of similar cases where Indian banks have successfully pursued, in the English courts, wilful defaulters who are either residing in or have assets in the UK, or where the finance agreements are subject to English law and jurisdiction. This shows that this can be a successful enforcement route when pursued properly and under the right circumstances," he added. On July 14, Agrawal and SIL filed applications in <keyword id="3657678" type="COMPANY" weightage="20" keywordseo="the-court-of-appeal">the Court of Appeal</keyword>, seeking permission to challenge Justice Cockerill's decision. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/heres-a-look-at-the-top-ipos-lined-up-to-hit-the-market-this-year/slidelist/77241351.cms" data-type="tilCustomLink">Here’s a look at the top IPOs lined up to hit the market this year</a> <a href="https://www.businessinsider.in/business/news/reliance-retail-contribution-to-ril-as-mukesh-ambani-preps-for-fundraising-will-be-key/articleshow/77240105.cms" data-type="tilCustomLink">Reliance Retail’s contribution to RIL as Mukesh Ambani preps for fundraising will be key⁠— aside from the oil shock</a>

PNB win in UK court may set precedent for Mallya loan recovery

A special court here on Thursday declared diamond businessman <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate. He is the second businessman after liquor tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year. Special PMLA court Judge V C Barde declared Nirav Modi a fugitive economic offender after hearing extensive arguments of lawyers of the diamantaire and the Enforcement Directorate (ED). Nirav Modi had earlier urged the court here to set aside the ED's plea to declare him an FEO. Modi and his uncle Mehul Choksi are the main accused in the <keyword id="6242396" type="UNKNOWN" weightage="20" keywordseo="PNB-scam">PNB scam</keyword> and they both left India before details of the fraud came to light in January 2018. Nirav Modi was arrested in London in March this year and his extradition process is pending. In July 2018, the central agency filed an application under the newly-promulgated FEO Act to declare him a fugitive economic offender. His lawyer earlier claimed that the ED was relying on evidence and statements recorded under the Prevention of Money Laundering (PMLA) Act to seek a remedy under the FEO Act. This was not permissible under the FEO Act, he said. As per the investigating agency, Nirav Modi and his uncle Choksi, in connivance with certain bank officials, allegedly cheated the PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). These LoUs were allegedly issued in a fraudulent manner by a <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> branch of the PNB to the group of companies belonging to Nirav Modi since March 2011, till the case came to light. Under the FEO Act, a person can be declared a fugitive economic offender if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.

Nirav Modi declared fugitive economic offender by a Mumbai court

New Delhi, Jan 31 (PTI) Ahead of the upcoming Union Budget, environmental experts on Monday called for budgetary allocation under "green expenditure" to show that India is serious about meeting the enhanced targets announced by Prime Minister Narendra Modi at Conference of the Parties 26 in Glasgow. They also said that India's climate targets will require an investment of about USD 35 million in energy storage in this decade alone. The Budget for the fiscal year commencing April 1, 2022, will be presented on Tuesday by Finance Minister Nirmala Sitharaman. "The Union Budget can be the opportunity to bring focus and direction by announcing a green expenditure head in the Budget this time. "Public expenditure allocations can intersect with a range of programmes across sectors, some of which could be tagged as 'green' and it will signal that the Indian government is serious about upping its game to meet the enhanced commitment announcements made by the Prime Minister in Glasgow," said Dhruba Purkayastha, India director, Climate Policy Initiative. Talking about India's ambition to increase non-fossil electricity capacity to 500 giga watt in just nine years, another expert said that budget incentives are needed to fulfil the goals. "India's climate targets will require about USD 35 billion investment in energy storage in this decade alone. Budget incentives and risk guarantees to attract investment in battery storage will be key to ramp up non-fossil electricity generation. "India's climate targets aim to increase non-fossil electricity capacity from 158 GW to 500 GW in just nine years. Since land is precious, we need budget incentives to realise the full potential of rooftop solar photo voltaic (system)," said Ulka Kelkar, director, Climate program, World Resources Institute (WRI) India. Kelkar said that since critical mineral reserves are scarce, the budget can provide incentives for circular economy, urban mining and e-waste recycling. "It would be great to see the creation of a national transition fund for fossil fuel sector workers and MSMEs, which can also attract grants from international climate funds," she said. Another expert said that the government should focus on developing long-term climate resilience and adaptation pathways for which the Budget must set aside substantial funds. "Recent cyclones like Yass, Tauktae and the 2021 Chennai floods are reminders that the government should focus on developing a long-term climate resilience and adaptation pathway for India. "Budget 2022-23 must set aside substantial resources to support resilience activities at the local level, especially in augmenting nature-based solutions, building ground level capacities, and working through state and local governments," said A Nambi Appadurai, director, Climate Resilience Practice Program, WRI India. He added that such investments would have multiple and long-term benefits for India's climate commitments, the people, their livelihoods, and the country's GDP as well. Experts also called for budgetary allocation for 'green hydrogen' citing its importance in the industrial sector and in research and development to help indigenise green hydrogen production and use as an industrial fuel. "Green hydrogen has many industrial uses and can potentially decarbonise many hard-to-abate sectors, like the iron and steel industry. "An outlay of Rs 1,200 crore by 2024 in the upcoming Budget could trigger pilots in various end-use applications such as testing green hydrogen readiness of natural gas pipelines, underground hydrogen storage, and pilots for equipment such as furnaces, boilers, and process heaters," said Hemant Mallya, senior programme lead, Council on Energy, Environment and Water (CEEW). Mallya also called for another Rs 165 crore to support research and development, especially on catalysts and electrolyser membranes, finding substitutes for critical minerals, setting up testing labs and enforcing safety standards. "These investments would help indigenise green hydrogen production and use it as an industrial fuel," he said. With maximum applied fertiliser leaking into the air and water, causing pollution, another expert urged the government to provide direct income support to farmers in the upcoming Budget instead of the fertiliser subsidy. "Our fiscal outlay on fertiliser subsidy is touching Rs 1,55,000 crore, with more than 78 per cent of the applied fertiliser leaking into our air and water, causing pollution. Instead, the government should consider providing direct income support to the farmers in a budget-neutral approach. "Rs 1,55,000 crore can provide income support of more than Rs 11,000 per hectare of net sown area in the country. Such support, structured equitably across different classes of farmers, would not only be administratively more efficient, but would encourage more judicious use of fertilisers, creating a win-win for the government and the farmers while saving the environment," said Abhishek Jain, fellow and director, Powering Livelihoods, CEEW. During the COP 26 summit last year, Modi had made five commitments from India to the world. These included a promise to get 50 per cent of the country's energy from renewable resources by 2030 and to reduce the total projected carbon emissions by one billion tonnes by the same year. PTI AG CJ CJ

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